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Accuray Reports Record Revenue in First Quarter of Fiscal 2008
Date:11/7/2007

Record Quarterly Revenue of $48.6 Million

Backlog Reaches Record Level of $642 Million

SUNNYVALE, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiosurgery, today announced financial results for the first quarter of fiscal 2008, ended September 29, 2007.

For the first quarter of fiscal 2008, Accuray reported record total revenue of $48.6 million, up 48 percent compared to first quarter fiscal 2007 total revenue of $32.8 million.

Net income for the period ended September 29, 2007 was $2.3 million, or $0.04 per diluted share, compared to net income of $2.0 million, or $0.04 per diluted share, which included a one-time benefit of $0.8 million ($0.02 per diluted share), during the same period in fiscal 2007. Shares used in computing fully diluted earnings per share increased to 61.2 million for the first quarter of fiscal 2008 from 49.9 million during the same period in fiscal 2007. The increase was primarily a result of Accuray's initial public offering, which took place in February 2007.

Non-cash, stock-based compensation charges for the first quarter of fiscal 2008 were $4.3 million, or $0.07 per diluted share.

The first quarter of fiscal 2008 backlog increased by $23 million from the fourth quarter fiscal 2007, to approximately $642 million, with approximately $351 million associated with CyberKnife(R) Robotic Radiosurgery System contracts and approximately $291 million associated with services and other recurring revenue. Accuray's backlog is composed of firm, signed contracts that the company believes have a substantially high probability of being recognized as revenue.

Accuray's cash
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SOURCE Accuray Incorporated
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